Market Analysis - Pharmacovigilance 2017
Europe pharmacovigilance market size was valued over USD 793 million in 2015, with expectations to reach USD 1.8 billion by 2024, witnessing 9.9% CAGR from 2016 to 2024, owing to growing demand for personalized medicines and increasing level of competition from biosimilars and generics.
U.S. Pharmacovigilance market size was valued over USD 1 billion in 2015, and predicted to witness 10.7% CAGR from 2016 to 2024 to surpass USD 2.5 billion by 2024. Rising mortality rates owing to adverse drug events and growing patient concerns pertaining to safety and efficacy of drugs will drive industry growth.
APAC pharmacovigilance market size was USD 835 million in 2015 and anticipated to exceed USD 2.4 billion by 2024. Growing demand for strict health care regulations, presence of huge patient base and increasing number of clinical trials conducted on various diseases and Disorders will boost regional pharmacovigilance market share.
Europe was the second largest consumer of pharmacovigilance services in 2013. Asia Pacific pharmacovigilance market is expected to witness the fastest growth during the forecast period. Availability of large pool of educated and cost-effective labor force, the presence of favorable business environment and the implementation of government initiatives aimed at improving healthcare access are some factors accounting for its rapid growth. Clinical Research Statistics suggest that cost associated with clinical trials conducted in the Asia Pacific region is approximately 50% to 70% cheaper than that of trials conducted in European countries.
Russian Pharmacovigilance Market size is expected to exceed USD 8 billion by 2024; according to a new research report by Global Market Insights
The Russian pharmaceutical market remains one of the fastest growing in the world with an average annual growth rate (from 2008 to 2014) of about 14 percentage points (pp).
Every year Australia spends more on its health $121.4 billion on health in 2009-10 which accounted for 9.4% of total spending on all goods and services in the economy. This averaged out to $5479 per person . As a proportion of GDP, Australia spending in 2009 was much less than that of the United Sates (17.4%), slightly less than the UK (9.8%), New Zeeland (10.3%) and Canada (11.4%) and close to the OECD median (9.6%)
Spain pharmacovigilance market size was valued over USD 230 million in 2015 and should witness 10.2% CAGR from 2016 to 2024, to surpass USD 550 million by 2024. Rising demand for new drug development, growing geriatric population and increasing outsourcing by pharmaceutical companies should fuel regional industry growth. India pharmacovigilance market growth was more than 14% from 2016 to 2024, and expected to reach USD 668 million by 2024. Pharmacovigilance market expected to reach a market size of $8. Billion by 2024.
South Africa’s pharmacovigilance market valued at USD 37 million Increasing drug response and the increase in chronic diseases and disorders is driving the global pharmacovigilance market size. A research report on global Pharmacovigilance Market Size and may other fields within the industry estimated Pharmacovigilance Market Size revenue to be over USD 3 billion in 2015 and is forecast to exceed USD 8 billion by 2024; With South Africa’s pharmacovigilance market size estimated over USD 37 million and anticipated for over 5% growth.
Contract outsourcing market size was valued over USD 1 billion in 2015, poised to grow at 12.2% from 2016 to 2024 and surpass USD 4 billion by 2024. Outsourcing helps achieve better pharmacovigilance through regulatory affairs compliance, better quality, enhanced productivity and improved strategic outcomes.
With the fast evolving regulatory environment and stricter guidelines in Asia, it is important to ensure that the company's drug safety and risk management procedures comply with applicable laws, regulations, and guidance.
Japan, South Korea, Malaysia, Thailand is witnessing rapid growth and is anticipated to expand at a CAGR of over 13% during the forecast period due to large skilled workforce and constant challenge to harmonize pharmacovigilance system in developing economies.
Japan is the world's second largest pharmaceutical market, with annual sales of approximately 6.45 trillion Yen (US $64.5 billion), after the USA. The Japanese pharmaceutical market generates 67% of the Asia-Pacific market and boasts of a sound PV system in place.
Japan is witnessing rapid growth and is anticipated to expand at a CAGR of over 13% during the forecast period due to large skilled workforce and constant challenge to harmonize pharmacovigilance system in developing economies
Korea, one of the main methods for monitoring the Drug safety of marketed drugs is spontaneous reporting system of suspected ADRs. Re-examination and re-evaluation system are in force for monitoring the safety of new market approval drugs and for those drugs currently under marketing. Regional PV center’s are designated from Korean Food and Drug Administration (KFDA) for facilitating ADR surveillance. Over recent years, with the development of information technology, there has been an increased interest in establishing data mining system for detecting signals from Health Insurance Review Agency database. Pharmacovigilance Market Expected to Reach USD 6.10 Billion in 2020
China pharmacovigilance is the national market with the greatest volume of safety data processed annually. In some ways this is not surprising, given how populous the country is. On the other hand, the entire pharmacovigilance programme started fifteen years ago in 1989, so there has been huge progressing in getting the programme to this stage so rapidly. Vision gain believes this is only the start of a secular increase in the demands of drug safety monitoring in China. In 2013, pharmacovigilance spending in China was $0.34bn; by 2018 this figure will have risen to $0.66. Pharmacovigilance spending will increase at a CAGR of 14.0% for the first five years of the forecast. Between 2018 and 2024 spending will continue to grow, at a marginal reduced CAGR of 12.5%
Growth in spending will be driven by an overall increase in volume of ADRs reported and recorded in China over the next ten years. This data will require proportional increase in staffing levels at all points of the pharmaceutical supply chain. Regulators will also have to increase their staffing levels to cope with the increased workload for monitoring drug safety. Visiongain anticipates an increased demand for statisticians and informatics systems to rapidly identify emerging drug safety signals. By 2024, spending on pharmacovigilance operations in China will have reached $1.34bn annually, an increase of 294% over the course of ten years. The Chinese pharmacovigilance market will be the second largest national market in 2024, having eclipsed Germany during 2020.
Brazil pharmacovigilance market share was more than 60% of regional revenue for 2015, with target slated to exceed USD 300 million by 2024. South Africa pharmacovigilance market size was more than USD 37 million and anticipated for over 5% growth.
UAE pharmacovigilance market is expected to reach a market size of $8.23 billion by 2022